Conference Agenda

Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).

Please note that all times are shown in the time zone of the conference. The current conference time is: 16th Apr 2021, 09:41:11am EDT

 
 
Session Overview
Date: Monday, 24/May/2021
5:00pm
-
5:45pm
Cavalcade Keynote by Chair Ulrike Malmendier
5:45pm
-
6:30pm
Virtual Welcome Reception
Date: Tuesday, 25/May/2021
11:00am
-
11:45am
TUES01-1: News Coverage and Reaction to the News
Chair: Xing Huang, Washington University in St. Louis
Discussant: Umit Gurun, University of Texas at Dallas
 

Friends in Media

Guosong Xu

Erasmus University Rotterdam School of Management

TUES02-1: Value of Education and Human Capital
Chair: Annette Vissing-Jorgensen, University of California Berkeley
Discussant: Matthieu Gomez, Columbia
 

Wealth, savings, and returns over the life cycle: the role of education

Anastasia Girshina

Stockholm School of Economics

TUES03-1: Which Firms Receive Funding During COVID: Predictors, Biases, and Implications
Chair: Anna Scherbina, Brandeis University
Discussant: Gustavo Schwenkler, Santa Clara University
 

The Social Internetwork and Stock Returns

Mohamed Al Guindy1, Ryan Riordan2

1: Carleton University; 2: Queen's University

TUES04-1: What Determines Individual Portfolio Composition? Evidence on the Role of Past Experiences, Biases, and (Perceived) Predictability
Chair: David Thesmar, MIT Sloan
Discussant: Maarten Meeuwis, Washington University in St. Louis
 

Millionaires Speak: What Drives Their Personal Investment Decisions?

Svetlana Bender1, James Choi2, Danielle Dyson3, Adriana Robertson4

1: GuideWell; 2: Yale University; 3: UBS; 4: University of Toronto

TUES05-1: New Methods in Asset Pricing
Chair: Naveen Khanna, MSU
Discussant: Michael Weber, University of Chicago
 

Monetary Policy Expectation Errors

Sigurd Anders Steffensen1, Maik Schmeling2,4, Andreas Schrimpf3,4

1: Danmarks Nationalbank; 2: Goethe University Frankfurt; 3: Bank for International Settlements; 4: CEPR

TUES06-1: Credit and Banking
Chair: Juliane Begenau, Stanford University
Chair: Yueran Ma, University of Chicago
Discussant: Ye Li, The Ohio State University Fisher College of Business
 

Risk Managers in Banks

Matthias Efing1, Patrick Kampkoetter2

1: HEC Paris; 2: University of Tuebingen

TUES07-1: Banking after the Financial Crisis
Chair: Erica Xuewei Jiang, University of Southern California
Discussant: Dmitry Orlov, University of Wisconsin Madison
 

Designing Stress Scenarios

Cecilia Parlatore1,2, Thomas Philippon1,2

1: NYU Stern; 2: NBER

TUES08-1: Macro Finance
Chair: Stavros Panageas, UCLA
Discussant: Konstantin Milbradt, Northwestern University
 

Marking to Market Corporate Debt

Lorenzo Bretscher1, Lukas Schmid2, Peter Feldhutter3, Andrew Kane4

1: London Business School Finance Department; 2: USC Marshall; 3: Copenhagen Business School; 4: Duke University

TUES09-1: Financial Frictions and Corporate Decisions
Chair: Gordon Phillips, DarmouthTuck School of Business
Discussant: Katie Moon, University of Colorado Boulder
 

Building a Customer Base under Liquidity Constraints

Paul Beaumont1, Clémence Lenoir2

1: McGill University; 2: CREST; French Ministry of Economics and Finance

11:45am
-
12:30pm
TUES01-2: News Coverage and Reaction to the News
Chair: Xing Huang, Washington University in St. Louis
Discussant: Marina Niessner, Yale University
 

Political Polarization in Financial News

Ryan Israelsen1, Nandini Gupta2, Eitan Goldman2

1: Michigan State University; 2: Indiana University

TUES02-2: Value of Education and Human Capital
Chair: Annette Vissing-Jorgensen, University of California Berkeley
Discussant: Sylvain Catherine, University of Pennsylvania
 

Human Capital Risk and Portfolio Choices: Evidence from University Admission Discontinuities

Philippe d'Astous1, Stephen Shore2

1: HEC Montréal; 2: Georgia State University

TUES03-2: Which Firms Receive Funding During COVID: Predictors, Biases, and Implications
Chair: Anna Scherbina, Brandeis University
Discussant: Michael Faulkender, University of Maryland
 

Small Business Survival Capabilities and Policy Effectiveness: Evidence from Oakland

Robert Bartlett, Adair Morse

UC Berkeley

TUES04-2: What Determines Individual Portfolio Composition? Evidence on the Role of Past Experiences, Biases, and (Perceived) Predictability
Chair: David Thesmar, MIT Sloan
Discussant: Peter Koudjis, University of Rotterdam
 

Inflation and Investors’ Behavior: Evidence from the German Hyperinflation

Fabio Braggion1, Felix von Meyerinck2, Nic Schaub3

1: Tilburg University; 2: University of St. Gallen; 3: WHU – Otto Beisheim School of Management

TUES05-2: New Methods in Asset Pricing
Chair: Naveen Khanna, MSU
Discussant: Morad Zekhnini, MSU
 

Cybersecurity Risk

Chris Florakis2, Christodoulos Louca3, Roni Michaely4, Michael Weber1

1: University of Chicago; 2: University of Liverpool; 3: Cyprus University of Technology; 4: University of Geneva

TUES06-2: Credit and Banking
Chair: Juliane Begenau, Stanford University
Chair: Yueran Ma, University of Chicago
Discussant: Jose Luis-Peydro, Universitat Pompeu Fabra and Imperial College London
 

The real effects of bank supervision: evidence from on-site bank inspections

Andrea Passalacqua1, Paolo Angelini2, Francesca Lotti2, Giovanni Soggia2

1: Federal Reserve Board; 2: Banca d'Italia

TUES07-2: Banking after the Financial Crisis
Chair: Erica Xuewei Jiang, University of Southern California
Discussant: Allen N. Berger, University of South Carolina
 

Did Banks Pay "Fair" Returns to Taxpayers on TARP?

Thomas Flanagan, Amiyatosh Purnanandam

University of Michigan

TUES08-2: Macro Finance
Chair: Stavros Panageas, UCLA
Discussant: Juliana Salomao, University of Minnesota
 

Corporate Loan Spreads and Economic Activity

Alessandro Spina1, Daniel Streitz1, Sascha Steffen2, Anthony Saunders3

1: Copenhagen Business School; 2: Frankfurt School of Finance & Management; 3: Stern School of Business, New York University

TUES09-2: Financial Frictions and Corporate Decisions
Chair: Gordon Phillips, DarmouthTuck School of Business
Discussant: YURI TSERLUKEVICH, Arizona State University
 

Inflexibility and Leverage

Lifeng Gu1, Dirk Hackbarth2, Tong Li1

1: The University of Hong Kong; 2: Boston University

12:30pm
-
1:15pm
TUES01-3: News Coverage and Reaction to the News
Chair: Xing Huang, Washington University in St. Louis
Discussant: Byoung-Hyoun Hwang, Cornell University
 

Echo Chambers

J. Anthony Cookson1, Joseph Engelberg2, William Mullins2

1: University of Colorado; 2: UCSD

TUES02-3: Value of Education and Human Capital
Chair: Annette Vissing-Jorgensen, University of California Berkeley
Discussant: Sabrina Howell, NYU Stern
 

Artificial Intelligence, Education, and Entrepreneurship

Michael Gofman1, Zhao Jin2

1: University of Rochester; 2: CKGSB

TUES03-3: Which Firms Receive Funding During COVID: Predictors, Biases, and Implications
Chair: Anna Scherbina, Brandeis University
Discussant: John Kandrac, Federal Reserve Board
 

Bank Liquidity Provision Across the Firm Size Distribution

Olivier Darmouni1, Gabriel Chodorow-Reich2, Stephan Luck3, Matthew Plosser3

1: Columbia University; 2: Harvard University; 3: Federal Reserve Bank of New York

TUES04-3: What Determines Individual Portfolio Composition? Evidence on the Role of Past Experiences, Biases, and (Perceived) Predictability
Chair: David Thesmar, MIT Sloan
Discussant: Chen Lian, UC Berkeley
 

'Superstitious' Investors

Hongye Guo, Jessica Wachter

Wharton

TUES05-3: New Methods in Asset Pricing
Chair: Naveen Khanna, MSU
Discussant: Qian Yang, Michigan State University
 

PEAD.txt: Post-Earnings-Announcement Drift Using Text

Vitaly Meursault1, Pierre Liang2, Bryan Routledge2, Madeline Scanlon3

1: Federal reserve bank of Philadelphia; 2: Carnegie Mellon University; 3: University of Pittsburgh

TUES06-3: Credit and Banking
Chair: Juliane Begenau, Stanford University
Chair: Yueran Ma, University of Chicago
Discussant: Mindy Xiaolan, University of Texas at Austin
 

Human Capital Portability and Worker Career Choices: Evidence from M&A Bankers

Janet Gao1, Wenyu Wang1, Yufeng Wu2

1: Indiana University; 2: UIUC

TUES07-3: Banking after the Financial Crisis
Chair: Erica Xuewei Jiang, University of Southern California
Discussant: Divya Kirti, International Monetary Fund
 

Private Equity and Financial Stability: Evidence from Failed Bank Resolution in the Crisis

Emily Johnston-Ross1, Song Ma2, Manju Puri3

1: FDIC; 2: Yale University; 3: Duke University, NBER, and FDIC

TUES08-3: Macro Finance
Chair: Stavros Panageas, UCLA
Discussant: Lars Lochstoer, UCLA Anderson School of Management
 

How Integrated Are Corporate Bond and Stock Markets?

Mirela Sandulescu

University of Michigan, Ross School of Business

TUES09-3: Financial Frictions and Corporate Decisions
Chair: Gordon Phillips, DarmouthTuck School of Business
Discussant: Norman Schuerhoff, Swiss Finance Institute
 

Taxes Depress Corporate Borrowing: Evidence from Private Firms

Ivan Ivanov1, Luke Pettit2, Toni Whited3

1: Federal Reserve Board, Division of Research & Statistics; 2: Affiliation Not Provided; 3: University of Michigan, Ross School of Business

1:15pm
-
2:00pm
Panel Honoring Craig W. Holden

Speakers: Stacey Jacobsen (SMU), Avanidhar (Subra) Subrahmanyam (UCLA), and Charles Trzcinka (Indiana University)

Please join us for a panel honoring Craig W. Holden, who passed away on April 3. Craig was the Gregg T. and Judith A. Summerville Chair of Finance at the Kelley School of Business at Indiana University and the current Department Chair, as well as the Secretary/Treasurer of the SFS for the last 9 years. 

2:00pm
-
2:45pm
TUES01-4: News Coverage and Reaction to the News
Chair: Xing Huang, Washington University in St. Louis
Discussant: Alexander Chinco, UIUC
 

When the Markets get CO.V.I.D: COntagion, Viruses, and Information Diffusion.

M J Arteaga Garavito1, Mariano Croce1,2, Paolo Farroni1, Isabella Wolf1

1: BOCCONI; 2: CEPR

TUES02-4: Value of Education and Human Capital
Chair: Annette Vissing-Jorgensen, University of California Berkeley
Discussant: Paige Ouimet, University of North Carolina
 

Flight to Safety: How Economic Downturns Affect Talent Flows to Startups

Shai Bernstein1, Richard Townsend2, Ting Xu3

1: Harvard University; 2: University of California San Diego; 3: University of Virginia

TUES03-4: Which Firms Receive Funding During COVID: Predictors, Biases, and Implications
Chair: Anna Scherbina, Brandeis University
Discussant: David Zeke, USC
 

The Distortionary Effects of Central Bank Direct Lending on Firm Quality Dynamics

Wenhao Li1, Ye Li2

1: University of Southern California Marshall Business School; 2: The Ohio State University Fisher College of Business

TUES04-4: What Determines Individual Portfolio Composition? Evidence on the Role of Past Experiences, Biases, and (Perceived) Predictability
Chair: David Thesmar, MIT Sloan
Discussant: Serhiy Kozak, University of Maryland
 

(Re-)Imag(in)ing Price Trends

Jingwen Jiang1, Bryan Kelly2, Dacheng Xiu3

1: University of Chicago; 2: Yale University; 3: University of Chicago

TUES05-4: New Methods in Asset Pricing
Chair: Naveen Khanna, MSU
Discussant: Gerard Hoberg, University of Southern California
 

The colour of finance words

Diego Garcia1, Xiaowen Hu1, Max Rohrer2

1: University of Colorado Boulder; 2: Norwegian School of Economics

TUES06-4: Credit and Banking
Chair: Juliane Begenau, Stanford University
Chair: Yueran Ma, University of Chicago
Discussant: Nicola Limodio, Bocconi University -
 

Community Membership and Reciprocity in Lending: Evidence from Informal Markets

Rimmy Elizabeth Tomy1, Regina Wittenberg-Moerman2

1: The University of Chicago; 2: University of Southern California

TUES07-4: Banking after the Financial Crisis
Chair: Erica Xuewei Jiang, University of Southern California
Discussant: Chenzi Xu, Stanford University
 

Interbank Networks in the Shadows of the Federal Reserve Act

Haelim Anderson1, Selman Erol2, Guillermo Ordonez3

1: FDIC; 2: Carnegie Mellon University; 3: University of Pennsylvania

TUES08-4: Macro Finance
Chair: Stavros Panageas, UCLA
Discussant: Jaroslav Borovicka, New York University
 

The Composition of Market Participants and Asset Dynamics

Redouane Elkamhi, Chanik Jo

University of Toronto

TUES09-4: Financial Frictions and Corporate Decisions
Chair: Gordon Phillips, DarmouthTuck School of Business
Discussant: Shai Bernstein, Harvard Business School
 

Higher Dividend Taxes, No Problem! Evidence from Taxing Entrepreneurs in France,

Adrien Matray

Princeton University

2:45pm
-
3:30pm
TUES01-5: News Coverage and Reaction to the News
Chair: Xing Huang, Washington University in St. Louis
Discussant: Michaela Pagel, Columbia University
 

Spending Less After (Seemingly) Bad News

Mark Garmaise1, Yaron Levi2, Hanno Lustig3

1: UCLA; 2: USC; 3: Stanford

TUES02-5: Value of Education and Human Capital
Chair: Annette Vissing-Jorgensen, University of California Berkeley
Discussant: anmol Bhandari, university of minnesota
 

Risks to Human Capital

Mehran Ebrahimian, Jessica Wachter

Wharton

TUES03-5: Which Firms Receive Funding During COVID: Predictors, Biases, and Implications
Chair: Anna Scherbina, Brandeis University
Discussant: Dan Bergstresser, Brandeis University
 

The Cost of Banking Deserts: Racial Disparities in Access to PPP Lenders and their Equilibrium Implications

Jeffrey Wang1, David Hao Zhang2

1: Harvard University; 2: Harvard Business School

TUES04-5: What Determines Individual Portfolio Composition? Evidence on the Role of Past Experiences, Biases, and (Perceived) Predictability
Chair: David Thesmar, MIT Sloan
Discussant: Itzhak Ben-David, Fisher College of Business, The Ohio State University
 

Who Owns What? A Factor Model for Direct Stockholding

Vimal Balasubramaniam1, John Y. Campbell2, Tarun Ramadorai3, Benjamin Ranish4

1: Queen Mary University of London; 2: Harvard University; 3: Imperial College London; 4: Board of Governors of the Federal Reserve System

TUES05-5: New Methods in Asset Pricing
Chair: Naveen Khanna, MSU
Discussant: Ishan Nath, Chicago
 

How Should Climate Change Uncertainty Impact Social Valuation and Policy?

Michael Barnett1, William Brock2, Lars Peter Hansen3

1: Arizona State University; 2: University of Wisconsin; 3: Univeristy of Chicago

TUES06-5: Credit and Banking
Chair: Juliane Begenau, Stanford University
Chair: Yueran Ma, University of Chicago
Discussant: Eduardo Davila, Yale University
 

Private Renegotiations and Government Interventions in Debt Chains

Vincent Glode1, Christian Opp2

1: Wharton School; 2: University of Rochester

TUES07-5: Banking after the Financial Crisis
Chair: Erica Xuewei Jiang, University of Southern California
Discussant: Chao Ying, University of Minnesota
 

The Secular Decline in Long-Term Yields around FOMC Meetings

Sebastian Hillenbrand

NYU Stern

TUES08-5: Macro Finance
Chair: Stavros Panageas, UCLA
Discussant: Paymon Khorrami, Imperial College London
 

Stock Market and No-Dividend Stocks

Suleyman Basak1, Adem Atmaz2

1: London Business School; 2: Purdue University

TUES09-5: Financial Frictions and Corporate Decisions
Chair: Gordon Phillips, DarmouthTuck School of Business
Discussant: Laurent Fresard, University of Switzerland Lagano
 

Tax Avoidance through Cross-Border Mergers and Acquisitions

Jean-Marie Meier, Jake Smith

University of Texas at Dallas

3:45pm
-
4:30pm
RCFS Keynote

Speaker: Amir Sufi (Chicago Booth)

4:30pm
-
5:00pm
Presentation of Awards
5:00pm
-
6:00pm
Virtual Reception
Date: Wednesday, 26/May/2021
11:00am
-
11:45am
WED01-1: Information and Asset Prices
Chair: Brett Green, Washington University in St. Louis
Discussant: Gregor Matvos, Kellogg
 

When FinTech Competes for Payment Flows

Christine Parlour1, Uday Rajan2, Haoxiang Zhu3

1: University of California Berkeley Haas School of Business; 2: University of Michigan Ross School of Business; 3: MIT Sloan School of Management

WED02-1: CEO Compensation and Corporate Governance
Chair: Todd Gormley, Washington University in St. Louis
Discussant: Scott Yonker, Cornell University
 

The Market for CEOs

Peter Cziraki1, Dirk Jenter2

1: University of Toronto; 2: London School of Economics

WED03-1: Collateral and Restructuring
Chair: Ben Iverson, BYU
Chair: Michael Schwert, University of Pennsylvania
Discussant: Julia Fonseca, Illinois
 

The Labor Costs of Pro-Labor Bias in Bankruptcy: Evidence from Brazil

Spyridon Lagaras3, Jacopo Ponticelli2, Margarita Tsoutsoura1

1: Cornell University; 2: Northwestern University; 3: University of Pittsburg

WED04-1: Innovations
Chair: Dimitris Papanikolaou, Northwestern University
Discussant: Nicolas Crouzet, Northwestern University
 

Knowledge Cycles and Corporate Investment

Maria Bustamante1, Julien Cujean2, Laurent Fresard3

1: University of Maryland; 2: University of Bern; 3: University of Lugano

WED05-1: Anomalies and Their Costs
Chair: Oliver Spalt, University of Mannheim
Discussant: Stijn Van Nieuwerburgh, Columbia University Graduate School of Business
 

In Short Supply: Efficiency Implications of Rational Attention Allocation

Ankit Kalda, Xiaoying Li, Jan Schneemeier

Indiana University

WED06-1: Contract Design
Chair: Marcus Opp, Stockholm School of Economics
Discussant: Zhiguo He, University of Chicago
 

Setbacks, Shutdowns, and Overruns

Felix Feng1, Curtis Taylor2, Mark M Westerfield1, Feifan Zhang2

1: University of Washington; 2: Duke University

WED07-1: ESG in Capital Markets
Chair: Kai Li, Hong Kong University of Science and Technology and Peking University
Discussant: Martin Oehmke, London School of Economics
 

The Allocation of Socially Responsible Capital

Daniel Green, Benjamin Roth

Harvard Business School

WED08-1: Homeownership: Determinants and Consequences
Chair: Emily Williams, Harvard Business School
Discussant: Alina Arefeva, University of Wisconsin - Madison, Wisconsin School of Business
 

Local Experiences, Attention and Spillovers in the Housing Market

Antonio Gargano1, Marco Giacoletti2, Elvis Jarnecic3

1: University of Houston; 2: USC Marshall; 3: University of Sydney

WED09-1: Bank Value: Deposits and Loans
Chair: Adrien d'Avernas, Stockholm School of Economics
Discussant: Martin Schneider, Stanford University
 

The Financial Origins of the Rise and Fall of American Inflation

Itamar Drechsler1, Alexi Savov2, Philipp Schnabl2

1: Wharton; 2: NYU Stern

11:45am
-
12:30pm
WED01-2: Information and Asset Prices
Chair: Brett Green, Washington University in St. Louis
Discussant: Ben Lester, Philadelphia FRB
 

Information Chasing versus Adverse Selection in Over-the-Counter Markets

Chaojun Wang1, Gabor Pinter2, Junyuan Zou3

1: The Wharton School, University of Pennsylvania; 2: Bank of England; 3: INSEAD

WED02-2: CEO Compensation and Corporate Governance
Chair: Todd Gormley, Washington University in St. Louis
Discussant: Dirk Jenter, London School of Economics and Political Science
 

Executive Compensation: The Trend Toward One Size Fits All

Felipe Cabezon

USC Marshall School of Business

WED03-2: Collateral and Restructuring
Chair: Ben Iverson, BYU
Chair: Michael Schwert, University of Pennsylvania
Discussant: Ed Morrison, Columbia
 

Are Bankruptcy Professional Fees Excessively High?

Samuel Antill

Harvard Business School

WED04-2: Innovations
Chair: Dimitris Papanikolaou, Northwestern University
Discussant: Howard Kung, London
 

Paying off the Competition: Market Power and Innovation Incentives

Xuelin Li1, Andrew Lo2,3,4, Richard Thakor5,6

1: University of South Carolina, Moore School of Business; 2: MIT Sloan School of Management; 3: MIT CSAIL; 4: NBER; 5: University of Minnesota, Carlson School of Management; 6: MIT LFE

WED05-2: Anomalies and Their Costs
Chair: Oliver Spalt, University of Mannheim
Discussant: David Solomon, Boston College
 

Mispricing and Anomalies: An Exogenous Shock to Short Selling from the Dividend Tax Law Change

Yufeng Han1, Yueliang Lu1, Weike Xu2, Guofu Zhou3

1: University of North Carolina - Charlotte; 2: Clemson University; 3: Washington University in St. Louis

WED06-2: Contract Design
Chair: Marcus Opp, Stockholm School of Economics
Discussant: Andrey Malenko, University of Michigan
 

Due Diligence

Thomas Geelen1,4, Brendan Daley2, Brett Green3

1: Copenhagen Business School; 2: Johns Hopkins University; 3: Olin Business School, Washington University in St. Louis; 4: Danish Finance Institute

WED07-2: ESG in Capital Markets
Chair: Kai Li, Hong Kong University of Science and Technology and Peking University
Discussant: Yan Xiong, Hong Kong University of Science and Technology
 

On ESG Investing: Heterogeneous Preferences, Information, and Asset Prices

Itay Goldstein1, Alexandr Kopytov2, Lin Shen3, Haotian Xiang4

1: University of Pennsylvania and NBER; 2: University of Hong Kong; 3: INSEAD; 4: Peking University

WED08-2: Homeownership: Determinants and Consequences
Chair: Emily Williams, Harvard Business School
Discussant: Camelia Kuhnen, UNC
 

Perception of House Price Risk and Homeownership

Manuel Adelino1, Antoinette Schoar2, Felipe Severino3

1: Duke University; 2: Massachusetts Institute of Technology; 3: Dartmouth College

WED09-2: Bank Value: Deposits and Loans
Chair: Adrien d'Avernas, Stockholm School of Economics
Discussant: Farzad Saidi, Boston University
 

Bank Loan Markups and Adverse Selection

Cesare Fracassi1, Gregory Weitzner2, Mehdi Beyhaghi3

1: University of Texas at Austin; 2: McGill University, Canada; 3: Federal Reserve Bank of Richmond

12:30pm
-
1:15pm
WED01-3: Information and Asset Prices
Chair: Brett Green, Washington University in St. Louis
Discussant: Valentin Haddad, UCLA
 

A Competitive Search Theory of Asset Pricing

Mahyar Kargar1, Juan Passadore2, Dejanir Silva1

1: University of Illinois at Urbana-Champaign; 2: Einaudi Institute for Economics and Finance

WED02-3: CEO Compensation and Corporate Governance
Chair: Todd Gormley, Washington University in St. Louis
Discussant: Wayne Guay, The Wharton School
 

Why Have CEO Pay Levels Become Less Diverse?

Torsten Jochem1, Gaizka Ormazabal2, Anjana Rajamani3

1: University of Amsterdam; 2: IESE Business School, University of Navarra, CEPR. and ECGI; 3: Erasmus University Rotterdam

WED03-3: Collateral and Restructuring
Chair: Ben Iverson, BYU
Chair: Michael Schwert, University of Pennsylvania
Discussant: Rich Mathews, UMD
 

Dark Knights: The Rise in Firm Intervention by CDS Investors

Andras Danis2, Andrea Gamba1

1: Warwick Business School - University of Warwick; 2: Scheller College of Business - Georgia Institute of Technology

WED04-3: Innovations
Chair: Dimitris Papanikolaou, Northwestern University
Discussant: Erik Loualiche, UMN
 

Cross-Border Institutions and the Globalization of Innovation

Bo Bian1, Jean-Marie Meier2, Ting Xu3

1: University of British Columbia; 2: University of Texas at Dallas; 3: University of Virginia

WED05-3: Anomalies and Their Costs
Chair: Oliver Spalt, University of Mannheim
Discussant: Itzhak Ben-David, Fisher College of Business, The Ohio State University
 

Limited Attention in Financial Markets

Henrik Cronqvist1, Tomislav Ladika2, Zacharias Sautner3

1: University of Miami; 2: University of Amsterdam; 3: Frankfurt School of Finance & Management

WED06-3: Contract Design
Chair: Marcus Opp, Stockholm School of Economics
Discussant: Dmitry Livdan, UC Berkeley
 

The Day that WTI Died: Asset Prices and Firm Production Decisions

Erik Gilje1, Rob Ready2, Nick Roussanov3, Jerome Taillard4

1: The Wharton School, University of Pennsylvania; 2: Lundquist College of Business, University of Oregon; 3: The Wharton School, University of Pennsylvania; 4: Babson College

WED07-3: ESG in Capital Markets
Chair: Kai Li, Hong Kong University of Science and Technology and Peking University
Discussant: Marcin Kacperczyk, Imperial College London
 

Is Carbon Risk Priced in the Cross-Section of Corporate Bond Returns?

Tinghua Duan1, Frank Weikai Li2, Quan Wen3

1: IESEG School of Management; 2: Lee Kong Chian School of Business, Singapore Management University; 3: McDonough School of Business, Georgetown University

WED08-3: Homeownership: Determinants and Consequences
Chair: Emily Williams, Harvard Business School
Discussant: Caitlin Gorback, NBER
 

Flip or Flop? Tobin Taxes in the Real Estate Market

Chun-Che Chi1, Cameron LaPoint2, Ming-Jen Lin3

1: Academia Sinica; 2: Yale University; 3: National Taiwan University

WED09-3: Bank Value: Deposits and Loans
Chair: Adrien d'Avernas, Stockholm School of Economics
Discussant: Carolin Pflueger, University of Chicago
 

Inflation risk and the finance-growth nexus

Alexandre Corhay1, Jincheng Tong2

1: Rotman School of Management - University of Toronto; 2: Rotman School of Management - University of Toronto

2:00pm
-
2:45pm
WED01-4: Information and Asset Prices
Chair: Brett Green, Washington University in St. Louis
Discussant: Ishita Sen, Harvard Business School
 

Who Limits Arbitrage?

Nathan Foley-Fisher, Borghan Nezami Narajabad, Stephane Verani

Federal Reserve Board

WED02-4: CEO Compensation and Corporate Governance
Chair: Todd Gormley, Washington University in St. Louis
Discussant: Patrick Bolton, Columbia University
 

The Voting Premium

Doron Levit1, Nadya Malenko2, Ernst Maug3

1: University of Washington; 2: University of Michigan; 3: University of Mannheim

WED03-4: Collateral and Restructuring
Chair: Ben Iverson, BYU
Chair: Michael Schwert, University of Pennsylvania
Discussant: Yunzhi Hu, UNC
 

Collateral and Secured Debt

Adriano Rampini, S. Viswanathan

Duke University

WED04-4: Innovations
Chair: Dimitris Papanikolaou, Northwestern University
Discussant: Elena Simintzi, UNC
 

Mapping US-China Technology Decoupling, Innovation, and Firm Performance

Pengfei Han1, Wei Jiang2, Danqing Mei3

1: Guanghua School of Management, Peking University; 2: Columbia University, Columbia Business School; 3: Cheung Kong Graduate School of Business

WED05-4: Anomalies and Their Costs
Chair: Oliver Spalt, University of Mannheim
Discussant: Michaela Pagel, Columbia University
 

Attention Induced Trading and Returns: Evidence from Robinhood Users

Brad Barber1, Xing Huang3, Terrance Odean4, Christopher Schwarz2

1: UC Davis; 2: Washington University in St Louis; 3: UC Berkeley; 4: UC Irvine

WED06-4: Contract Design
Chair: Marcus Opp, Stockholm School of Economics
Discussant: Guillaume Vuillemey, HEC Paris
 

Debt Financing and Risk Management

Ilona Babenko, Hendrik Bessembinder, Yuri Tserlukevich

Arizona State University

WED07-4: ESG in Capital Markets
Chair: Kai Li, Hong Kong University of Science and Technology and Peking University
Discussant: Vidhan K Goyal, HKUST
 

Banking on Carbon: Corporate Lending and Cap-and-Trade Policy

Ivan Ivanov1, Mathias Kruttli1, Sumudu Watugala2

1: Federal Reserve Board; 2: Cornell University

WED08-4: Homeownership: Determinants and Consequences
Chair: Emily Williams, Harvard Business School
Discussant: Sophia (Sonia) Gilbukh, Baruch College, CUNY
 

The Mortgage-Cash Premium Puzzle

Michael Reher1, Rossen Valkanov2

1: University of California San Diego; 2: University of California San Diego

WED09-4: Bank Value: Deposits and Loans
Chair: Adrien d'Avernas, Stockholm School of Economics
Discussant: Andrew Atkeson, UCLA
 

Going-Concern Debt of Financial Intermediaries

Yueran Ma1, Jose Scheinkman2

1: University of Chicago; 2: Columbia University

2:45pm
-
3:30pm
WED01-5: Information and Asset Prices
Chair: Brett Green, Washington University in St. Louis
Discussant: Mina Lee, Wash U
 

Information, Participation, and Passive Investing

George Malikov

University of Michigan, Stephen M. Ross School of Business

WED02-5: CEO Compensation and Corporate Governance
Chair: Todd Gormley, Washington University in St. Louis
Discussant: Michael Ewens, California Institute of Technology
 

The Rise of Dual-Class Stock IPOs

Dhruv Aggarwal3, Ofer Eldar1, Yael Hochberg2,4, Lubomir Litov5

1: Duke University; 2: Rice University; 3: Yale University; 4: National Bureau of Economic Research; 5: University of Oklahoma

WED03-5: Collateral and Restructuring
Chair: Ben Iverson, BYU
Chair: Michael Schwert, University of Pennsylvania
Discussant: Nuri Ersahin, MSU
 

The Real Effects of Legal and Trading Frictions in Collateralization

Bo Bian

University of British Columbia

WED04-5: Innovations
Chair: Dimitris Papanikolaou, Northwestern University
Discussant: Erica Xuewei Jiang, University of Southern California
 

Do FinTech Lenders Fairly Allocate Loans Among Investors? Quid Pro Quo and Regulatory Scrutiny in Marketplace Lending

Li-Ting Chiu1, Brian Wolfe2, Woongsun Yoo3

1: Bentley University; 2: University of Texas at San Antonio; 3: Central Michigan University

WED05-5: Anomalies and Their Costs
Chair: Oliver Spalt, University of Mannheim
Discussant: Justin Birru, The Ohio State University
 

The Disposition Effect in Boom and Bust Markets

Sabine Bernard1, Benjamin Loos2, Martin Weber3

1: Leibniz Institute for Financial Research SAFE; 2: Technical University of Munich; 3: University of Mannheim and CEPR

WED06-5: Contract Design
Chair: Marcus Opp, Stockholm School of Economics
Discussant: Lukas Schmid, University of Southern California
 

Competition Network, Distress Propagation, and Stock Returns

Mingming Ao1, Winston Wei Dou2, Shane Johnson3, Wei Wu3

1: San Diego State University; 2: The Wharton School at University of Pennsylvania; 3: Texas A&M University

WED07-5: ESG in Capital Markets
Chair: Kai Li, Hong Kong University of Science and Technology and Peking University
Discussant: Ivan Shaliastovich, University of Wisconsin Madison
 

Does Climate Change Impact Sovereign Bond Yields?

Michael Barnett1, Constantine Yannelis2

1: Arizona State University; 2: University of Chicago

WED08-5: Homeownership: Determinants and Consequences
Chair: Emily Williams, Harvard Business School
Discussant: Jen Brown, University of Utah
 

Working More to Pay the Mortgage: Interest Rates and Labor Supply

Michal Zator

University of Notre Dame

WED09-5: Bank Value: Deposits and Loans
Chair: Adrien d'Avernas, Stockholm School of Economics
Discussant: Pablo Slutzky, University of Maryland - College Park
 

Dirty Money: How Banks Influence Financial Crime

Janet Gao1, Joseph Pacelli1, Jan Schneemeier1, Yufeng Wu2

1: Kelley School of Business, Indiana University; 2: Gies College of Business, University of Illinois

3:45pm
-
4:30pm
RAPS Keynote

Question and Answer Session with Eugene Fama (Chicago Booth)

4:30pm
-
5:00pm
SFS Membership Meeting
Date: Thursday, 27/May/2021
11:00am
-
11:45am
THURS01-1: ESG and Impact
Chair: Jessica Jeffers, University of Chicago
Chair: Boris Vallee, Harvard Business School
Discussant: Marcin Kacperczyk, Imperial College London
 

Responsible Institutional Investing Around the World

Rajna Gibson2, Simon Glossner1, Pedro Matos1, Philipp Krueger2, Tom Steffen3

1: University of Virginia, Darden School of Business; 2: University of Geneva; 3: Osmosis Investment Management

THURS02-1: Lending after Scandals and Recessions: Downward Spirals Versus Trust
Chair: Francesco D'Acunto, Boston College
Discussant: Luke Stein, Babson College
 

Societal Trust and Financial Market Participation: Evidence from the Freedman's Savings Bank

Virginia Traweek2, Malcolm Wardlaw1

1: University of Georgia; 2: University of Michigan

THURS03-1: Empirical Asset Pricing
Chair: Serhiy Kozak, University of Maryland
Discussant: Lars Lochstoer, UCLA Anderson School of Management
 

Time-Series Efficient Factors

Sina Ehsani1, Juhani Linnainmaa2

1: Northern Illinois University; 2: Dartmouth College and NBER

THURS04-1: Institutions, Flows, and Asset Prices
Chair: Motohiro Yogo, Princeton University
Discussant: Dong Lou, London School of Economics
 

Retail Financial Innovation and Stock Market Dynamics: The Case of Target Date Funds

Jonathan Parker1, Antoinette Schoar1, Yang Sun2

1: Massachusetts Institute of Technology; 2: Brandeis University

THURS05-1: Lending: Machines Versus Humans, Biases, and Discrimination
Chair: Theresa Kuchler
Discussant: Paul Goldsmith-Pinkham, Yale School of Management
 

Rise of the Machines: The Impact of Automated Underwriting

Mark Jansen1, Hieu Nguyen2, Amin Shams3

1: University of Utah; 2: University of Utah; 3: Ohio State University

THURS06-1: Shadow Banking
Chair: Emil Siriwardane, Harvard Business School
Discussant: Erica Xuewei Jiang, University of Southern California
 

Nonbank Lending and Credit Cyclicality

Quirin Fleckenstein1, Manasa Gopal2, German Gutierrez1, Sebastian Hillenbrand1

1: NYU Stern; 2: Georgia Institute of Technology, Scheller College of Business

THURS07-1: Experiences of Crisis and Distress, and Their Impact on Consumers
Chair: Enrichetta Ravina, Federal Reserve Bank of Chicago
Discussant: Christine Laudenbach, University of Bonn
 

Risk Taking, Preferences, and Beliefs: Evidence from Wuhan

Di Bu1, Tobin Hanspal2, Yin Liao1, Yong Liu3

1: Macquarie University; 2: WU Vienna University of Economics and Business; 3: Wuhan University of Science and Technology

THURS08-1: Private Capital
Chair: Ludovic Phalippou, University of Oxford
Discussant: Rene M. Stulz, The Ohio State University
 

The Merger-Adjusted US Listing Gap

B. Espen Eckbo1, Markus Lithell2

1: Tuck School of Business at Dartmouth; 2: Norwegian School of Economics (NHH)

THURS09-1: Policy Design
Chair: Alexi Savov, New York University
Discussant: Michael Gofman, University of Rochester
 

Product Differentiation and Oligopoly: a Network Approach

Bruno Pellegrino

University of Maryland

11:45am
-
12:30pm
THURS01-2: ESG and Impact
Chair: Jessica Jeffers, University of Chicago
Chair: Boris Vallee, Harvard Business School
Discussant: Kai Li, Hong Kong University of Science and Technology and Peking University
 

Paying Attention to ESG : Evidence from Big Data Analytics

Alan Kwan1, Wendi Huang2, Andrew Karolyi3

1: University of Hong Kong; 2: University of Hong Kong; 3: Cornell University

THURS02-2: Lending after Scandals and Recessions: Downward Spirals Versus Trust
Chair: Francesco D'Acunto, Boston College
Discussant: Zwetelina Iliewa, University of Bonn
 

Trust and Lending: An Experimental Study

Kyle Hyndman1, Jiabin Wu2, Steven Xiao1

1: University of Texas-Dallas; 2: University of Oregon

THURS03-2: Empirical Asset Pricing
Chair: Serhiy Kozak, University of Maryland
Discussant: Itamar Drechsler, University of Pennsylvania
 

The Loan Fee Anomaly: A Short Seller's Best Ideas

Joseph Engelberg1, Richard Evans2, Greg Leonard3, Adam Reed3, Matthew Ringgenberg4

1: University of California, San Diego; 2: University of Virginia; 3: University of North Carolina; 4: University of Utah

THURS04-2: Institutions, Flows, and Asset Prices
Chair: Motohiro Yogo, Princeton University
Discussant: Andrea Buffa, University of Colorado
 

Benchmarking Intensity

Anna Pavlova, Taisiya Sikorskaya

London Business School

THURS05-2: Lending: Machines Versus Humans, Biases, and Discrimination
Chair: Theresa Kuchler
Discussant: Tetyana Balyuk, Emory University
 

How Costly Are Cultural Biases?

Francesco D'Acunto1, Pulak Ghosh2, Alberto Rossi3

1: Boston College; 2: IIM Bangalore; 3: Georgetown University

THURS06-2: Shadow Banking
Chair: Emil Siriwardane, Harvard Business School
Discussant: Nathan Foley-Fisher, Federal Reserve Board
 

The Externalities of Fire Sales: Evidence from Collateralized Loan Obligations

Shohini Kundu

University of Chicago Booth School of Business

THURS07-2: Experiences of Crisis and Distress, and Their Impact on Consumers
Chair: Enrichetta Ravina, Federal Reserve Bank of Chicago
Discussant: Asaf Bernstein, University of Colorado at Boulder
 

Salience and Households' Flood Insurance Decisions

Zhongchen Hu

London School of Economics and Political Science

THURS08-2: Private Capital
Chair: Ludovic Phalippou, University of Oxford
Discussant: Elise Gourier, ESSEC
 

Risk-Adjusted Returns of Private Equity Funds: A New Approach

Arthur Korteweg1, Stefan Nagel2

1: University of Southern California; 2: University of Chicago

THURS09-2: Policy Design
Chair: Alexi Savov, New York University
Discussant: Laura Blattner, Stanford University
 

Growing SMEs The sensitivity of investment and employment to the cost of debt financing

Claudia Custodio1, Diana Bonfim2, Clara Raposo3

1: Imperial College London, CEPR, and ECGI; 2: Banco de Portugal, Católica Lisbon SBE; 3: ISEG Lisbon School of Economics and Management, ADVANCE/CSG

12:30pm
-
1:15pm
THURS01-3: ESG and Impact
Chair: Jessica Jeffers, University of Chicago
Chair: Boris Vallee, Harvard Business School
Discussant: Aymeric Bellon, Wharton, University of Pennsylvania
 

Minimizing Costs, Maximizing Sustainability

Yaniv Grinstein1, Yelena Larkin2

1: IDC and Cornell University; 2: York University

THURS02-3: Lending after Scandals and Recessions: Downward Spirals Versus Trust
Chair: Francesco D'Acunto, Boston College
Discussant: Justin Murfin, Cornell
 

Credit Fire Sales: Captive Lending as Liquidity in Distress

Matteo Benetton1, Sergio Mayordomo2, Daniel Paravisini3

1: Berkeley Haas; 2: Bank of Spain; 3: London School of Economics

THURS03-3: Empirical Asset Pricing
Chair: Serhiy Kozak, University of Maryland
Discussant: VICTOR DEMIGUEL, London Business School
 

Model Selection with Transaction Costs

Andrew Detzel1, Robert Novy-Marx2, Mihail Velikov3

1: University of Denver; 2: University of Rochester; 3: Penn State University

THURS04-3: Institutions, Flows, and Asset Prices
Chair: Motohiro Yogo, Princeton University
Discussant: Valentin Haddad, UCLA
 

Common Fund Flows: Flow Hedging and Factor Pricing

Winston Dou1, Leonid Kogan2, Wei Wu3

1: The Wharton School, University of Pennsylvania; 2: MIT; 3: Texas A&M University

THURS05-3: Lending: Machines Versus Humans, Biases, and Discrimination
Chair: Theresa Kuchler
 

Corporate Optimism and Bank Lending

Filippo De Marco1, Julien Sauvagnat1, Enrico Sette2

1: Bocconi University; 2: Bank of Italy

THURS06-3: Shadow Banking
Chair: Emil Siriwardane, Harvard Business School
Discussant: Laura Blattner, Stanford University
 

Sustainability of Direct Lending: Evidence from Index Exclusion

Tetiana Davydiuk2, Tatyana Marchuk1, Samuel Rosen3

1: BI Norwegian Business School; 2: Carnegie Mellon University; 3: Temple University

THURS07-3: Experiences of Crisis and Distress, and Their Impact on Consumers
Chair: Enrichetta Ravina, Federal Reserve Bank of Chicago
Discussant: Brian Melzer, Darmouth
 

In the Red: Overdrafts, Payday Lending and the Underbanked

Emily Williams1, Marco DiMaggio2, Angela Ma1

1: Harvard Business School; 2: Harvard University

THURS08-3: Private Capital
Chair: Ludovic Phalippou, University of Oxford
Discussant: Marie Lambert, HEC Liege (University of Liège)
 

Board Dynamics over the Startup Life Cycle

Michael Ewens1, Nadya Malenko2

1: California Institute of Technology; 2: University of Michigan

THURS09-3: Policy Design
Chair: Alexi Savov, New York University
Discussant: Natalie Cox, Princeton
 

Employment Effects of Alleviating Financing Frictions: Worker-level Evidence from a Loan Guarantee Program

Jean-Noel Barrot1, Thorsten Martin2, Julien Sauvagnat2, Boris Vallee3

1: HEC Paris; 2: Bocconi University; 3: Harvard Business School

2:00pm
-
2:45pm
THURS01-4: ESG and Impact
Chair: Jessica Jeffers, University of Chicago
Chair: Boris Vallee, Harvard Business School
Discussant: Shawn Cole, Harvard Business School
 

Does Money Talk? Market Discipline through Selloffs and Boycotts

Nickolay Gantchev1, Mariassunta Giannetti2, Rachel Li3

1: University of Warwick, CEPR, ECGI; 2: Stockholm School of Economics, CEPR, ECGI; 3: University of Alabama

THURS02-4: Lending after Scandals and Recessions: Downward Spirals Versus Trust
Chair: Francesco D'Acunto, Boston College
Discussant: Ilona Babenko, Arizona State University
 

Feedback and Contagion Through Distressed Competition

Hui Chen1, Winston Dou2, Hongye Guo2, Yan Ji3

1: MIT; 2: The Wharton School, University of Pennsylvania; 3: Hong Kong University of Science and Technology

THURS03-4: Empirical Asset Pricing
Chair: Serhiy Kozak, University of Maryland
Discussant: Paul Whelan, CopenhagenSchool of Business
 

Market Return Around the Clock: A Puzzle

Oleg Bondarenko1, Dmitriy Muravyev2

1: University of Illinois at Chicago; 2: Michigan State University

THURS04-4: Institutions, Flows, and Asset Prices
Chair: Motohiro Yogo, Princeton University
Discussant: Robert Novy-Marx, Rochester
 

The Perceived Cost of Pension Short(Wind)falls

Darren Aiello1, Asaf Bernstein2, Mahyar Kargar3, Ryan Lewis2, Michael Schwert4

1: Brigham Young University; 2: University of Colorado - Boulder; 3: University of Illinois - Urbana Champaign; 4: University of Pennsylvania

THURS05-4: Lending: Machines Versus Humans, Biases, and Discrimination
Chair: Theresa Kuchler
Discussant: Jon Lanning, Federal Reserve Bank of Chicago
 

Racial Discrimination in the Auto Loan Market

Alex Butler1, Erik Mayer2, James Weston1

1: Rice University, Jones School of Business; 2: SMU Cox School of Business

THURS06-4: Shadow Banking
Chair: Emil Siriwardane, Harvard Business School
Discussant: Peter Koudjis, University of Rotterdam
 

Bad News Bankers: Underwriter Reputation and Contagion in Pre-1914 Sovereign Debt Markets

Sasha Indarte

Wharton

THURS07-4: Experiences of Crisis and Distress, and Their Impact on Consumers
Chair: Enrichetta Ravina, Federal Reserve Bank of Chicago
Discussant: Mary Zaki, University of Maryland
 

Hand to Mouth: Financial Stress and Food Insecurity

Alex W. Butler1, Irem Demirci2, Umit G. Gurun3, Yessenia C. Tellez1

1: Jones Graduate School of Business, Rice University; 2: Nova School of Business and Economics; 3: University of Texas at Dallas

THURS08-4: Private Capital
Chair: Ludovic Phalippou, University of Oxford
Discussant: Sophie Shive, University of Notre Dame
 

The Real Effects of Environmental Activist Investing

Lakshmi Naaraayanan1, Kunal Sachdeva2, Varun Sharma1

1: London Business School; 2: Rice University

THURS09-4: Policy Design
Chair: Alexi Savov, New York University
Discussant: Michaela Pagel, Columbia University
 

Paid Leave Pays Off: The Effects of Paid Family Leave on Firm Performance

Benjamin Bennett3, Isil Erel2, Lea Stern1, Zexi Wang4

1: University of Washington; 2: The Ohio State University; 3: Tulane University; 4: Lancaster University

2:45pm
-
3:30pm
THURS01-5: ESG and Impact
Chair: Jessica Jeffers, University of Chicago
Chair: Boris Vallee, Harvard Business School
Discussant: Vicente Cunat, LSE
 

Sexism, Culture, and Firm Value: Evidence from the Harvey Weinstein Scandal and the #MeToo Movement

Lukas Roth1, Karl Lins2, Henri Servaes3, Ane Tamayo4

1: University of Alberta; 2: University of Utah; 3: London Business School; 4: London School of Economics

THURS02-5: Lending after Scandals and Recessions: Downward Spirals Versus Trust
Chair: Francesco D'Acunto, Boston College
Discussant: Peter Maxted, Harvard University
 

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment

Arvind Krishnamurthy1, Wenhao Li2

1: Stanford Graduate School of Business; 2: USC Marshall School of Business

THURS03-5: Empirical Asset Pricing
Chair: Serhiy Kozak, University of Maryland
Discussant: Nikolai Roussanov, University of Pennsylvania
 

Pricing currency risks

Mikhail Chernov2, Magnus Dahlquist1, Lars Lochstoer2

1: Stockholm School of Economics; 2: UCLA

THURS04-5: Institutions, Flows, and Asset Prices
Chair: Motohiro Yogo, Princeton University
Discussant: Daniel Greenwald, MIT
 

Social Security and Trends in Wealth Inequality

Sylvain Catherine1, Max Miller2, Natasha Sarin3

1: University of Pennsylvania, Wharton School of Business; 2: University of Pennsylvania, Wharton School of Business; 3: University of Pennsylvania, Carey Law School and Wharton School of Business

THURS05-5: Lending: Machines Versus Humans, Biases, and Discrimination
Chair: Theresa Kuchler
Discussant: Yiwei Zhang, Wisconsin
 

The Financial Restitution Gap in Consumer Finance: Insights from Complaints Filed with the CFPB

Rawley Heimer, Charlotte Haendler

Boston College

THURS06-5: Shadow Banking
Chair: Emil Siriwardane, Harvard Business School
Discussant: Daniel Green, Harvard Business School
 

CLO Performance

Larry Cordell1, Michael Roberts2, Michael Schwert2

1: Federal Reserve Bank of Philadelphia; 2: University of Pennsylvania

THURS07-5: Experiences of Crisis and Distress, and Their Impact on Consumers
Chair: Enrichetta Ravina, Federal Reserve Bank of Chicago
Discussant: John Mondragon, Federal Reserve Bank of San Francisco
 

Inequality During the COVID-19 Pandemic: The Case of Savings from Mortgage Refinancing

Sumit Agarwal1, Souphala Chomsisengphet2, Hua Keifer3, Leonard Keifer4, Paolina Medina5

1: National University of Singapore; 2: OCC; 3: FDIC; 4: Freddie Mac; 5: Texas A&M University

THURS08-5: Private Capital
Chair: Ludovic Phalippou, University of Oxford
Discussant: Taylor Begley, Washington University in St. Louis
 

Does Private Equity Investment in Healthcare Benefit Patients? Evidence from Nursing Homes

Atul Gupta1, Sabina Howell2, Constantine Yannelis3, Abhinav Gupta2

1: University of Pennsylvania; 2: New York University; 3: University of Chicago

THURS09-5: Policy Design
Chair: Alexi Savov, New York University
Discussant: Jason Roderick Donaldson, Washington University in St Louis
 

Financing the Litigation Arms Race

Samuel Antill1, Steven Grenadier2

1: Harvard Business School; 2: Stanford Graduate School of Business


 
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